RETAIL BANKING

Smart, effective, real-time fraud prevention for retail banks

Retail banks face rising costs, increased competition and an ever-more serious fraud landscape. They are also under pressure to enter new markets and extend products and services such as open banking and instant payments without adding risk. In addition, they face costly regulatory compliance and need to meet international standards.

NetGuardians’ comprehensive fraud-prevention software was designed specifically for banks, overcoming their particular challenges when it comes to beating payment fraud. Its proven efficiency means it is relied on by leading retail banks worldwide to protect their customers and their reputations.

Cost-effective

Our comprehensive, automated software is pre-integrated with the major core banking systems and delivers market-beating paybacks. The average bank expects software to pay for itself within 22 months. Banks using NetGuardians see payback three times faster – on average 8 months.

Compliance without compromise

PSD2, SWIFT CSP and anti-money-laundering transaction monitoring are all covered by one solution that also supports the latest international market standards such as Instant Payments ISO 20022. Our solution also allows banks to enter new markets and extend products and services, such as offering fast/instant payments and open banking, without adding risk.

Safeguard customer trust

Cutting-edge artificial intelligence using a data-centric approach spots even new fraud types, explaining exactly the nature of an anomaly. This creates a continuous feedback loop to help with fine-tuning, making the models even more accurate, thus cutting false alerts and unnecessary customer call backs and stopping more fraud. Our software keeps risk under control and avoids exposure to fines and fraud losses to build and maintain trust and protect your reputation.

Full financial crime suite

Our platform can be used across the organization to prevent internal fraud, external fraud and monitor transactions for AML purposes. We connect silos so the bank can unify customer insights, transactions, and processes, making investigations faster, more efficient and cutting risk.

Find out for how fast you could be reaping the rewards.

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Recent caught frauds

EUR 125,000

Authorized push payment fraud

Using social engineering techniques, the fraudster convinced the bank customer to transfer EUR 125,000 to an illicit account.

NetGuardians’ AI risk models stopped the transaction as certain variables did not match the customer’s profile, including the transaction creation day, the beneficiary account, beneficiary country, operation type, order type, and currency.

EUR 170,000

CEO fraud

The fraudster impersonated the CEO of the account holder’s company and over email convinced the victim to pay EUR 170,000 into an illicit account.

NetGuardians’ AI risk models stopped the transaction due to unusual variables including the beneficiary account, beneficiary country, operation type, order type, and currency.

USD 500,000

Internal and channels fraud

Fraudsters manipulated internal accounts in one bank to send money to another bank, which is protected by NetGuardians. The fraud was detected in real time and the fraudsters were arrested while attempting to withdraw USD 500,000 from the second bank’s ATMs.

NetGuardians AI risk models prevented the fraud due to the unusual timing and frequency of ATM withdrawals. After the detection of the fraud scheme by our solution, fraudsters were successfully caught by the police using the cameras installed at the ATM’s.

NetGuardians stops more fraud

Efficiency runs through NetGuardians’ fraud-prevention software. By learning and analyzing the behavior of each and every customer in real time, it correctly identifies anomalous transactions associated with each account, dramatically increasing the fraud-detection rate without adding friction.

We are already part of the global financial ecosystem, embedded into the banking platforms of major vendors including Finastra, Avaloq, Finacle and Mambu and is available on premise and in the cloud. As a result, it can be installed easily and quickly with minimal impact on the existing processes of any bank and the experience of its customers.

How it works

Some users reviews

NetGuardians’ solution has an excellent proven ability to accurately spot fraudulent payments and can process very high volumes in real time. This means we will spot more fraud and stop payment before any money has left the account. This is good for us as a bank and good for our customers. Read more

Philipp Keist, Head of ICT at LUKB

Everything we do is for our customers. By working with NetGuardians we will be able to give them the best protection against fraudsters and improve our service to them. The accuracy of the software means we will only contact them when a transaction is highly likely to be fraud. This has two benefits – we will stop more fraud and contact our customers less often. It’s a win-win. Read more

Christoph Schaer, Chief Operating Officer at BLKB

Why NetGuardians?

Accurate fraud protection used by leading retail banks worldwide

Comprehensive, ready-to-go financial crime suite that prevents internal and external fraud in real time and monitors transactions for AML purposes

Tailored support for retail banks including up-to-date market trends and challenges, peer group analytics and models, guidance on optimal sizing of investigation teams and help defining KPIs and threat thresholds

NetGuardians community

Collective AI/peer-group comparisons across the global NetGuardians client community makes the software even more efficient – by between 20 and 30 percent.

Used by leading retail banks worldwide including UOB Singapore and BLKB NetGuardians provides state-of-the-art fraud prevention to combat financial fraud.

Success stories

Sidian bank

Sidian Bank wanted greater visibility over its back-office core banking to bring more rigor to its controls and processes and produce easy-to-understand reports.

Even before the implementation was complete, the software spotted and stopped a fraud at Sidian and another bank.

Aargauische Kantonalbank

AKB wanted to simplify the fraud-mitigation process and make it faster. It also wanted the new system to monitor transactions across all channels in real time.

The bank achieved a 90 percent reduction in the number of false alerts compared with its previous rules-based system.

Acleda bank

Cambodia’s largest bank wanted to detect fraud before it happened and reduce its operational costs.

The bank saved time compiling detailed reports – falling from one day a week to between one and two hours. There has also been an immediate decrease in frauds.

Solutions

Payment fraud

Instantly and accurately block fraudulent transactions resulting from account takeover and social engineering scams.

Internal fraud

Prevent internal banking fraud due to internal and external collusion, controls bypass and more.

AML transaction monitoring

Identify potentially suspicious transactions and risky customer behaviour while intelligently lowering false positive rates.

APP scams
Account takeover
CEO fraud
Malware and e-banking hijacks

Privileged account abuse
Collusion
4-eyes breach
Invoice fraud

High risk transactional behaviour
Mule activity
Client scoring
SAR automation

Discover how retail banks worldwide achieve 75% reduction in operational losses while analyzing more transactions in real-time.

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